And those costs will not necessarily drop significantly once he moves to the White House because Melania Trump and their 10-year old son Barron expect to stay at their home at Trump Tower in midtown Manhattan, at least until the end of the school year.
Trump has indicated he plans to return home regularly, especially while the family is still here.
Adding to the expense is the cost of police assigned to Trump's adult children and his grandchildren, who are also receiving Secret Service protection, John Miller, NYPD's deputy commissioner of intelligence & counter-terrorism, told WCBS channel.
"The number one imperative here is safety and security. We owe that to the president elect, his family and his team," said New York Mayor Bill de Blasio said last week.
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But he said the city will need help with those costs, particularly police overtime, CNN reported.
"This is a very substantial undertaking. It will take substantial resources," he said. "We will begin the conversation with the federal government shortly on reimbursement for the NYPD for some of the costs that we are incurring."
Every president is required to have local law enforcement protection when they return home during their terms. But protecting Trump in New York City is particularly costly, given that he lives in the most densely-populated neighborhood of the nation's biggest city.
"We have never had a situation where a POTUS (president of the United States) would be here on such a regular basis," said de Blasio. "The details of his future plans are unknown, but we certainly know over these next 65 days [until the inauguration] he will be here regularly.
"This makes [previous protection efforts] look quite small obviously," he said. "We'll have to establish a new set of ground rules."
The police have set up barricades around Trump Tower at 56th Street and 5th Avenue, right in the middle of the city. While a block of 56th street has basically been closed to traffic, 5th Avenue remains open, although the traffic flow on that major thoroughfare has been affected, the report said.